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step lease

is any gross, net, net-net, or triple lease that contains a “step up” (or step down) in the amount of rent paid based on some time table or event.

A common “escalator clause” might call for rent to increase by $2.00 square foot annually on each anniversary of the lease. The step up will be an attempt to provide rent increases as the market rent rises. Naturally, if the step up rate is higher than the increase in market rents, the owner will benefit. If the market rates rise faster than the step up rates, the advantage would go to the tenant.

Straight loan

Loans that are interest only and have to be paid back in three to five years. The short payback period meant that borrowers had to either pay the loan back in full or refinance the loan at the end of the three or five year term.


straight-line method

can be used to estimate accrued depreciation for a single component or an entire structure. This method assumes that there is generally a uniform decline in value with time. To calculate accrued depreciation using this method, it is necessary to know the economic life, effective age, and cost new of the component or structure.

sub-market

a sub-set or a specific segment of a larger market which share common characteristics unique to that sub-market. 

Example: Real Estate Market is a very broad market. Lake properties are a sub-market in real estate. Fundamental issues about the size of the lake and recreation available at the lake, factors peculiar to this market include view of lake whether restricted or panoramic; access to the lake; availability of a dock permit; and depth of water at the dock. These factors have a considerable affect on the prices paid for lake properties and distinguish them from other non-lake properties.

subagent

is someone who is employed by someone else who is already acting as an agent. In real estate salespersons work for a broker who is employed by the client through a listing or buyer contract. The salesperson is an agent for the broker and the subagent for the client.

subordination

refers to a lesser position of claim held, usually in respect to a right or security.

subrogation

is the substitution of one legal party for another with the new party acquiring the legal rights and claims of the original party.

substitution

The main or underlying principle attributed to the successful use of the cost approach is the principle of substitution. The principle of substitution applies to the cost approach in the following manner.
The value of real property is set by the cost to construct an equally desirable substitute.”

subsurface rights

ownership rights in a parcel of real estate for elements below the surface, including: water, minerals, gas, oil or anything that is below the surface.

Superfund Amendments and Reauthorization Act (SARA)

This focuses on the cleanup of releases or hazardous substances on property. This also creates legal exposure based on liability for owners, landlords, and, sometimes, lenders.



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